Banks face. I do want to point out, governor bailey of the bank of england writing an important essay for Bloomberg News today. That will be a point of discussion as well. This,bramowicz, i look at the reopening of new york city. I am going to be at lunch on the sidewalk today at 12 00 noon. How are you going to celebrate the reopening of this great city . Lisa i have no doubt you will be there. Beefully i will also out. I love how restaurants are blocking up streets and sidewalks to expand their seating. You can feel the energy starting to come back. Theres a question, how many people will come back . Sayingll street journal only 10 to 20 of Office Workers are expected to get back to their desks today. I just struggle to understand how people will get back in, public transportation, as well as the willingness to leave their homes while we still have a great deal of uncertainty around the virus. Tom it has been an upanddown path. We know the leadership of Governor Cuomo and mayor de blasio, and each of you around the nation have your own stories, your own towns and cities that have struggled with this pandemic. One thing we know for certain, and we will do away with the data check this morning, what you need to know, range bound. Jonathan ferro does those long data checks. I think we need you to do a data check right now. Can we get that done . Lisa an island jonathan mi on air . Lisa you are. Jonathan wow, thanks, guys. Thats a surprise to me. I will do a data check. Reopening, phase two, which means we can go for a drink a little bit later because right now, i need one. Tom we will see. That will be the beverage of our choice, and we will again celebrate the reopening. Right now, we want to have a conversation with a former president of the new york fed. As i said earlier, bill dudley has done a Public Service this morning. I believe it is a twopart essay for bloomberg opinion. His essay is a Tour De Force of clarity on what we are doing moving from 4 trillion to 7 trillion, and indeed out to a possible 10 trillion Balance Sheet of our central bank. Student should be required to read the dudley essay. Bill dudley, congratulations on the clarity we have known for years from your work at goldman sachs. What is the singular distinction of what chairman powell needs to do forward with a presumed 10 trillion Balance Sheet . Bill what it means is we are going to have a lot of excess reserves in the banking system, a lot of deposits in the banking system, and that is going to create some anxiety that that fuel is going to lead to inflation. Theof the implications when fed buys treasury securities and Mortgage Backed securities if they have an amount of reserves and Bank Deposits in the system. The reserves have already doubled. The second application is the force of the private sector will hold or cash in deposits than before. The third implication is that, since the private sector might not want to hold all that cash in deposits, that encourages them to move into riskier higheryielding assets, and that pushes up asset prices. It does not lead to inflation because the fed can control reddit demand by raising the Interest Rate it pays on reserves at the appropriate time. Tom i will take your singular distinction that the fed can control this in fear of inflation. Certainly in 2008, we saw the inflation scrubbed by the lowinflation that surprised them. What i would point out is all of our listeners and viewers on this simulcast understand the phrase, theres no such thing as a free lunch. What is the price of a distortion that is a 10 trillion Balance Sheet . William i think theres a couple of things. Isber one, the implication that asset prices, so that is going to have some consequences for asset valuations. The second consequence is the fed is taking some risk in its Balance Sheet. I think a lot of longterm assets finance overnight. That is fine when rates are at zero, but if you run the clock ahead a few years in the fed has to raise Interest Rates, the shortterm cost of the fed paying interest on reserves could actually exceed the returns on its portfolio, so the fed could actually start to lose money. Lisa when the fed starts to raise rates, when the fed starts to open up its Balance Sheets. Things . Fed do those william im assuming that a few years from now, we will be back to a more normal economy, and we will also be back to a more normal level of Interest Rates. Showing just got data that june is on pace for the fastest pace of issuance ever for u. S. Junkbond sales. What are the consequences of the debt being incurred by corporations, not just the United States, as a result of fed policies . William the short run, it means people have the cash and resources to stay in operation. In the long run, theres limits to how much debt people can take on, so theres risks to servicing that debt over the longer term. They are not so worried about what is going to have been years from now. There will be a hangover from what we are experiencing today. Look at all that weve gone through, and i would suggest this is not in your textbooks at berkeley years ago. It is unorthodox. Do you have a confidence in the belief of all of the smart people like you to get this fixed, even if working off original theory . William weve never gone down this particular path before, so i think you have to be a little cautious and say we dont know how this is all going to turn out. That said, it is certainly better than allowing the economy to have a fullblown depression. So i think what the fed is doing is appropriate, but we dont yet know how this is all going to play out over the longterm. Tom i give chairman powell extremely high mark. Everyone grows into the position and the pressure of those very high lights. I think he is handling much better now the press conference, the backandforth, and the nuance of all of this. But the thing that is out there is what if you receive some form of exogenous shock to the system , given this Balance Sheet buildup. Are we prepared not for the next pandemic, but are we prepared for any kind of exogenous shock within our debt markets . William i think the fed has shown they have a pretty wide tools. F i think one of the great is the fed introduced a number of special liquidity facilities that have caused markets to return to good functioning. I think it tells you that the fed still has a pretty good tool to deal with things like illiquidity. Like i think the problem is theres limits to what the fed can do with respect to that damage. Over thefavorite quote weekend, a fund manager called the Federal Reserve helicopter parents for the market. I thought that was pretty apt at a time when you have a lot of worries being pushed away at the Federal Reserve. Wondering how concerned you are that this takes the pressure of congress, a lawmakers to actually pass some stimulus effort that could be digitally get to main street faster than the fitz programs then the feds programs. William i think chairman powell has made that point, that it cant just be all about andre policy. Defendant make is causing harm to peoples incomes, to their Balance Sheets the pandemic is causing harm to peoples incomes, to their Balance Sheets. One of the risks is that people think the fed is allpowerful, and put all of the weight on the fed. Tohink we are probably going do more fiscal stimulus than what weve got to date. Thank you soey, much for joining us today. Bill dudley is the former president of the new york fed, and an interesting and clear essay for the fed today. I presume second essay from mr. Dudley, given a 10 trillion deficit. Joining us now, jonathan ferro. Thrilled that jon ferro could join us after a spirited weekend of english football. I thought the bill dudley essay was quite good. I am still in shock over the single statistic which he leads with, which is the presumed 10 trillion Federal Reserve Balance Sheet. Jonathan unbelievable, isnt it . Just to be clear, i wasnt late to the program because i was watching english football over the weekend. I had some technical problems as we started out. Clearly a hiccup as we try to get back to normal on tv and radio, and new york city looking to try to get back to normal as well. Bumps in the road, the hurdles we keep bumping up against, going into the weekend. Apple was front and center. Coming into this new week, germany, states across america. Are these just natural, inevitable bumps in the road on the path towards recovery . Or is this something that could knock us off course . I think that is something weve got to wrestle with for the week ahead. Tom it is a major discussion of what will knock us off course. What i would say is as we go into this week of june, there is a new humility about the virus being just what it is. It is a virus. It is not a concept you can manipulate, etc. It is just what it is. It is a virus, a pandemic, and we are learning about it every single day. Jonathan we turn to the politics next on this program and catch up with bloombergs Kevin Cirilli in washington, d. C. As the president of the United States faces a halfempty stadium in tulsa, oklahoma. We will get to the why very shortly, with equity futures fading just a little bit. Good morning to you all. This is bloomberg. Ritika with the first word news, im ritika gupta. North and south america accounted for almost 2 3 of new coronavirus cases in the latest report. The death toll in brazil has now surpassed 50,000. Cases across the u. S. Sunbelt surged. There are a record 4500 new cases in california. Florida reported more than 4000 cases saturday, also a record. Bank of england governor Andrew Bailey has signaled a major shift in the strategy for removing emergency stimulus. Ed in bloomberg opinion, saying that this would give officials more firepower in future crises. A disappointing turn out at President Trumps rally intels was just the latest running for his campaign President Trumps rally in tulsa was just the latest warning for his campaign. It comes amid criticism for his response during the pandemic and protests against police brutality. Trailing biden in the polls in major battleground states. Has withdrawn its recent financial result. Wirecard says previous descriptions of business with third parties were not correct. It is renegotiating debt terms with its lenders in a struggle for survival. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Pres. Trump you are warriors. Thank you. We had some very bad people outside. We had some very bad people outside. They were doing bad things. Jonathan the president at the rally in tulsa. From new york city this morning, good morning to you all. Alongside tom keene, im jonathan ferro, together with lisa abramowicz. Getting human shape for the opening bell this monday morning, with equity futures still elevated, but fading off the highs. We are up around 19 points on the s p 500, 0. 6 . In the bond market, treasuries as follows. Yields lower by around a basis point or so on the 10 year to 0. 69 . The dollar decidedly weaker in g10. The euro advancing about 0. 2 . That is a stronger euro, a weaker dollar. The focus, the fallout of the politics over the weekend as the campaigning begins, and maybe not in the way the president of the United States would have wanted it to. Tom absolutely extraordinary. Four or five stories here to bounce off of with our chief washington correspondent, Kevin Cirilli. I think what we need to go to is the image of a latenight exit for marine 1 exit from marine one. It was absolutely extraordinary, and all my years of observing President Trump, to see him so downfall and so downtrodden and crestfallen. I have never seen that donald trump. Have you . Kevin well, i would say it wasnt so much crestfallen as much as it was anger. Based upon conversations i have had throughout the weekend with sources, i think that the president is incredibly angry at how tulsa played out. It really is an unfolding of two different narratives. Democrats say the president had a failed restart to an already embattled president ial campaign, and republicans saying that because of the rumored riots that were going to happen in tulsa, many folks were saying that they did not, in fact, one to attend. The president is set to continue campaigning in arizona, but a new political reality of a country still very much nervous to attend large Mass Gatherings because of the coronavirus, and the unrest in the country really having an impact on the campaign. How would you presume that Vice President biden will play till set . Play tulsa . Does he stay quiet or become more confrontational . Kevin he becomes more confrontational. This is a president who, every time he has had his back up against the political wall, has come out bulldozing. Whether or not this is going to work in this election, we simply dont know, but this is a president who also campaigned in 2016, when he was pulling at the same National Poll levels that he is right now, in the high 30 marks in some averages. Beyond that, we should also note how quickly and volatile american electoral politics are. Prior to the pandemic, everyone assumed that the president would get a second term. Also find ourselves in a political reality where the former Vice President joe biden dailyally yet to see making national headlines. I am not sure how much longer that can go on. Jonathan i am not sure the former Vice President wants to compare the size of his rallies to the size of the president of the United States. I am not sure that is a competition he will win anytime soon. What stood out for me over the weekend is a campaign that over promised and under delivered. How does the donald trump changen for 2020 need to and adapt to the Lessons Learned over the weekend . Kevin first and foremost, on the issue of agriculture, that could have a massive impact on the election. If you look in wisconsin and michigan, for example, two of the battleground states the president carried in 2016, really on the front lines of the u. S. China trade front. The second point i would make is directly to what you just said. In the president s speech, you did hear some hints of a longerterm strategy, and that is that he is going to say, you vote republican, you will have the best economic. Comeback in 2021 if you vote for best economic comeback in 2021. If you vote democrat, you will have higher taxes and slower economic growth. He said in that tells a rally, you cant afford to vote for anyone else but me. That is the message we heard in 2016, and one that he is doubling down on in this cycle as well. Lisa as the rally was going on, there was another rally building in washington, and that was bill barr, who was front and center with was back to the attorney who wasin new york signed under duress. How much has there been republican pushback have President Trump republican pushback . Have President Trump and bill barr lost republican support on the back of this . Kevin they have. A bill was introduced in the senate that would make it more difficult to do these firings. There is a sense of behindthescenes supporters who are incredibly frustrated with these types of firings in the political chaos that has ensued, not because of the risk it puts the president at from his own electoral probability, but also from republicans in down ballot races. Finally, just a touchstone as we kick off another week, i would note that this is a president who now has to face reelection in a way that Hillary Clinton was embattled back in 2016. The luxury for biden right now is that he is out of office. Jonathan Kevin Cirilli, always great to catch up with you on a washington, d. C. After the remarkable events over the weekend. This campaign was at a rock and a hard place. If the stadium was full, the headlines would have been negative for different reasons. We would have been talking about spread of the virus, a lack of masks. Halfempty, we are talking about a campaign that is being run badly. It was a rock and a hard place because they over promised and under delivered. I think that has got to be the takeaway as they stare down to november and learn from what happened over the weekend. Tom without question, the good the for the president is calendar date. If this had happened in august, it would be a completely different story, but there is still plenty of time for him to right the ship and begin to rebuild his core constituency, and then move out to the marginal voters that put him in office in the first place. The jury is really out on the back and forth between republicans and democrats, the marginal a percentage in percent of the marginal 8 to 10 of american voters. Jonathan i would say it is far too early to conclude that a half 50 stadium a halfempty stadium as a sign of diminished support for the president. Lisa but it also raises a question about why have rallies in a situation where the entire world is still skewing these types of gatherings. It raises a question about how any more of these he can plan, let alone expect to be successful. Jonathan more to come on this program. Equities right now rolling over just a little bit, up 16 on the s p 500, 0. 5 . Next up, James Sweeney of Credit Suisse on this market come on this global economy. We are live on bloomberg tv and bloomberg radio. This is bloomberg surveillance. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. From new york city, this is bloomberg surveillance. We are live on bloomberg tv and on bloomberg radio. Alongside tom keene, im jonathan ferro, together with lisa abramowicz. Counting you down to the opening bell, two hours away, with equity futures still up 17. Hessian highs session highs off by a little more than 1 . The curve just a little bit flattered, down to basis point on tens to 0. 69 . The euro advancing, the dollar weaker. Dollar weaker against the bulk of g10. That is the story in foreign exchange. Data check here into some of the good Economic Data to focus on the weekly data we will see thursday. Right now with us, and we are thrilled to bring you here for an important conversation on deflation and disinflation, James Sweeney of Credit Suisse. He writes wonderfully direct Research Reports out of the acuity of the London School of economics. Ive got to start with what was in the literature this weekend, which is the what if. What if we do fill school what if we do fiscal policy . What if we do fiscal salvation . And what if we run out of it before we get a legitimate recovery . Is that feasible . Is that possible . James with the politics they way they are right now, i think anything is possible. I could imagine a strong stimulus. I could imagine a temporary strong stimulus that runs out. That creates a lot of uncertainty for the outlook in both directions. To so it really comes down not the vshaped idea. Down we go and up would go in q3. How big a mystery is the Fourth Quarter of this year . James it is a very big mystery. Weve got three uncertainties. First, are we going to have another fiscal stimulus . We have the extended unemployment help running out on july 31. Youre going to have a big drop in household cash flows after that. It, and itt renew looks like they probably wont. They might extend it, but not renew it. On top of that, we have ongoing contagion, accelerating contagion in many states. Could that lead to more shut down . Even without more shut down, could it lead to people staying home to the extent where we dont have the full recovery, the full post shut down normalization we were hoping for . Then you have the election as well. I think you have to put large bands around any forecast for the Fourth Quarter this year, and arguably for the third, too. Jonathan lets talk about how the data bounce that we have seen over the last month informs your views about the latter end of this year. What do you take from the bounce . James it does not inform my view. This bounce was entirely predictable. This is turning the light switch off on the economy and turning it back on again. It is pretty easy. If hours worked go down because they sent us home and then they bring us back to work, hours worked are going to go back up in the data is going to bounce. But it is not answering any of the big questions. Jonathan just to jump in, this is so significant. So many people are looking at this data bounce and 4q,apolating out to 3q, to into 22 anyone. What does it inform about your view . James further out, thinking about the labor market at the end of the year, i want to know how damaged our businesses, how bad are there Balance Sheets and earnings. I want to know how bad are their sales expectations, given that the virus may still be around and a lot of people might be avoiding certain activities. And i want to know even how many efficiencies have businesses found while their workers have been working from home. Some businesses may be discovering that they could rearrange some things, use less space and fewer workers. I think all of those three factors are different factors. Backward looking, forwardlooking, and productivity, which could lead to an elevated Unemployment Rate. I think the Unemployment Rate is falling now for a very sump listing reason. A very simplistic reason. But it is going to be a lot higher than 3. 5 at the end of the year, may be in the high Single Digits or higher. So we have got to really think about all of those factors separately. Lisa efficiencies is sort of a dirty word right now is people look at the second wave of layoffs. How much are the Federal Reserve policies buoying this market from a main street perspective, keeping some of these businesses alive, and can continue to through the end of this year . James theres no doubt that the ppp program, which is more of a Treasury Program then the fed program, has kept a lot of businesses going. I think the fed programs in general have kept credit flowing. You have this extraordinary issuance in the primary markets, but it doesnt mean everything is good. Youre going to have a lot of business failures, and we dont know what the Balance Sheet damage looks like six months from now. It is just a very big deal when you have the gdp contraction of this size driven by the virus. Weve had policy responses which are extremely forceful, but it is even possible that they are not enough. That is why you circle july 31 as the date that some of the c. A. R. E. S. Act benefits expire, and this is going to be the next particularly important moment that markets are going to focus on as we come to learn what the second half is going to be like. Everyone islisa trying to become a social scientist and par 3 data to get a sense of what Consumer Behavior is going to be with respect to the virus, as well as businesses. What are you looking for to give us a sense of just how much is this is being suppressed by peoples concerns, and how much businesses have to respond by shutting down so they dont have the extra expenses of being open without enough business to justify it . James there are different forms of foot traffic data, web traffic data, hours worked data. Theres a lot of ultra High Frequency macro data that didnt exist just a few years ago, and right now, i would say ive surveyed quite a few of these numbers, and you are not normalizing. You are normalizing very slowly in the states that reopened first, and then the states that reopened later, they are slowly normalizing, too. And now in the states that reopened first, you have a short pickup in contagion in a number of them. So i think the best Case Scenario is that the virus is a little quiet, and you are returning workers to work, and some workers are avoiding risks, and therefore you cant expect a normal level of demand. But if the virus is severe, a lot more workers and customers are going to go out are going to avoid going out. Every data point on the contagion suggests something bad for the second half of the year. Tom you made your name studying deflation and really pushing against the deflation gloom in europe ages ago. I want you to parse right now the disinflation of america in goods and services. Weve had pernicious decline in price for goods at times. But services have been remarkably stable. Can you model out, given this pandemic and the tough recovery, Services Disinflation or even or evenflation . Outright deflation . Know it is important to because most people look at cars and gasoline, and there is their view on inflation. But services are important. Youve got things like housing, health care and Financial Services in there, which are opaque, and sometimes their prices are even modeled in the short term. Right now, housing inflation looks likely to put downward pressure on overall inflation. Financial inflation are the others, health care, are little more mysterious. But this was a huge drop in services consumption, the likes of which we havent seen since the great depression. Right now we have a much bigger services sector. We are going to see headline inflation bounce around zero for a while. Youre going to see core inflation bounce around and percent. Services are doing some of that work. There are certain goods Like Airlines and used cars that are doing it on the good side as well, but this is the temporary implication on prices from the shutdown and from the virus. The longterm question is what is different. Modelf we are going to this kind of nominal gdp, should we begin to really aggressively managesut a fed that for nominal gdp and not real gdp . James i think really, the dual mandate is nominal gdp in away because the Unemployment Rate is the real growth piece, and low growth is the inflation piece. You are targeting nominal, but just not explicitly. I think we had a 4 nominal gdp trimmed in the u. S. Over the past 10 years, and hopefully we can get back on it i think the equity market is trading as if the expectation is we are going to be on that 4 nominal gdp for too long. The bond market seems to have its doubts, and i think that encapsulates pretty well the range of opinions right now on deflation and inflation. James, fantastic sketch fantastic to catch up with you, as always. On this recovery, i saw what happened with pepsico in beijing is a brilliant example, and not a good one, of how quickly things could shut down because of one single infection. They have to shut down the plant. It doesnt take a massive outbreak to shut things down at some of these companies. You throw apple into the mix as well. We focus so much on the tolerance of policymakers to continue pushing through with this reopening process, and i dont have done enough to gauge consumer and business confidence. On the latter point, business confidence. How much confidence will they have to reopen, to push forward . How careful will they be when they do that . That is a critical element knowing into the weekend critical element coming out of the weekend that going into this week. Decisionsaw the micro of businesses having to adapt and adjust. I should note that even the virus touched upon the philadelphia phillies. You may know, that is an american baseball team. Even they are struggling with the virus. Jonathan i recall they will the world series back in 2008, tom. Ive got my baseball knowledge ready to go to do with you on a regular basis. Coming up on this program, we are taking new york city away from philadelphia. Phase two of the reopening process with pat foye of the mta, the chairman and ceo. On the s p 500, up 0. 6 . This is bloomberg. The first word news, im ritika gupta. President trump is urging republicans to oppose the House Democratic on Police Reform. The measure is expected to come up for a vote this week. The president says the measure would destroy our police. The bills sponsor says the president doesnt understand it. Senate republicans have their own Police Reform legislation. Meanwhile, the president set to announce new restrictions on various work visas today. That could affect an estimated 240,000 people seeking to work in the u. S. Would includens the program for high skilled workers. In new york city, companies are being allowed to reopen their aphesis after a threemonth shutdown, but employees seem reluctant to come back, and companies are enforcing them. Some are remaining closed. Others will open at reduced occupancy. Police investigating a deadly stabbing attack as an act of terrorism. Three were killed saturday night , and three others wounded. A 25yearold man has been arrested. This week in the u. K. , Prime Minister Boris Johnson will set out more lockdown easing plans. He will outline which parts of the economy will be allowed to reopen in july. Johnson is also expected to relax social distancing rules. That would be a huge boost to the british leisure industry. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. To first, we are controlling the virus better than any state in the country and any nation on the globe, even more by reducing the infection rate, we have saved over 100,000 people from being hospitalized and possibly diane. Just think about and possibly diane. Just think about that and ng. Sibly dyi just think about that. Jonathan Governor Andrew Cuomo with a big ray of light for everyone who has been in the city the last few months. The epicenter of the bad data we saw several months ago for this country. From new york city, good morning to you all. Alongside tom keene, im jonathan ferro, together with lisa abramowicz. For bloomberg surveillance, reopening means one thing. You will see tom keene outside of a restaurant of his choice with a beverage of his choice, monday to friday, for the rest of the summer. Isnt that right, tom keene . Tom well, it will be good. We certainly all know, dont take it for granted. I was really touched this weekend by the english football, premier league, in the remembrances they had before seasonme for the teams Ticket Holders and such that worked that were touched by this virus and died, but that was a shadow of the sacrifice we saw a new york of the people that move us around. It is really quite extraordinary to see all of that happening. Joining us now as he did a bit is the head of the mta, there chairman, patrick foye. Hugeeople within your organization succumbed to the virus. The courage in the heat of this was noted. What will they do, what will the mta do to celebrate on this reopening . Big stepphase two is a for new york city, and frankly for the country. I am glad that youre going to be eating in new york city restaurants. The city needs the business, and the tax revenue. Throughout the entire pandemic, of subways, buses, railroad, bridges and tunnels have been heroes. They have done external rework in the most trying circumstances they have done extraordinary work in the most trying circumstances. 10,000 employees have returned to work. The number of employees on home quarantine is in the hundreds, down from thousands. Tragically, 132 of our colleagues succumbed to the virus at the mta. Subways, buses, new york city transit. Tragic that is that is tragic. The mta workforce has been heroes, first responders, and essential employees. Tom what will be the process of someone on a subway, someone on a bus not wearing a mask . To wear a state law mask on Public Transit as result of the executive order that Governor Cuomo issued some weeks ago. Complianceyou that is not universal. We have done physical counts on the subways. Is now 95 . T we have got a robust communication to get the number even higher, and we have been distributing over the last couple of weeks millions of toks to writers returning riders returning to the transit system. It protects you. It protects your fellow commuters and our employees. Lisa i have been looking at pictures of workers cleaning out of the subway cars twice a day, which is fantastic for anyone who wants to ride a clean subway. It all takes money. Your cfo says it could be as soon as early july, at which point the mta will run out of money, will run out of the federal funding. What then, if the federal government does not recap that financing . What happens to the mta . Our just to clarify, employees are not cleaning subways. They are disinfecting them. They have been doing that since march 3. Is wellplaced. Financiala dire situation. The mta was awarded 3. 8 lien dollars. We will be drawing it down through august. Are facilitating and expediting that on a. The hearer zach, which passed in the house thanks to Speaker Pelosi in the sort of and the is subject to senate approval. It is critical that the mta receive that money. Mackenzie to do a review of our finances, and looking at the revenue decline because ridership is down across the system, expenses are up, and with days hated with dedicated practices and seys midpointin is 7. 7 million. It is critical that we receive that federal funding. Lisa that distinction you made between disinfecting and cleaning, why was that an important distinction to make . Makes cleaning means taking the coffee cups out or cleaning the restrooms. We have been using disinfecting agents since march 3 because of the pendant. We have also been piling because of the pandemic. We have also been utilizing uv light. We have worked with a column via expert onor who is an ultraviolet light. He concluded in this innovative collaboration with the mta that ultraviolet light kills the covid19 virus. We have also been using antimicrobials, which we believe to be verified by independent laboratories. That would be a game changer. The point i want to make to our writers is that we are looking at every step we can to minimize theic health risk, and so ultraviolet light and antimicrobials are evidence of that. Jonathan pat, we appreciate the hard work. Our thoughts are with the team at the mta. In this market right now, off 20 points on the sb 500. We advanced by about 0. 7 . In this market, dollar weaker against the bulk of g10. Up next, we catch up with james foley of rabobank with jane foley of rabobank. This morning,city alongside tom keene, im john ferro, im jonathan together with lisa abramowicz. This is bloomberg surveillance. No one at this point has a great sense for what earnings will be in 2020 or in 2021. Defense focus should be on the real economy the feds focus should be on the real economy, and let Financial Markets take care of himself. We are going to be in a slow growth world for a very long time. This is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. Tom good morning, everyone. We celebrate the opening of new york city, bound and determined to happen on this perfect middle ju d
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